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Consultants present preliminary plan for $995,000 general‑obligation bond to Smith‑Green Community Schools board
Summary
At a special meeting on Oct. 6, 2025, Baker Tilling representative Megan presented a preliminary financing plan for a proposed $995,000 general‑obligation bond, estimating about $870,000 in project proceeds and an interest cost near $94,000; presenters said the district plans to take the issue to the state bond bank in mid‑November.
Immediately after the public hearing, Chair Busco opened a special meeting and a district representative introduced Megan of Baker Tilling to present preliminary general‑obligation bond financing options.
Megan presented slide summaries of the district's outstanding debt and repayment schedule, saying annual payments due in 2025 are "right around 1,500,000" and that the district has step‑downs in future years. She explained how the legal debt limit is calculated and said the slides showed a debt limit of over $3,700,000 and remaining capacity of about $2,900,000 after subtracting roughly $805,000 of outstanding principal on prior bonds.
On the proposed issuance, Megan said, "So the proposed bond that you were discussing this evening would be for 995,000," and that after allowances for cost of issuance they were "currently estimating about 870,000 of project proceeds would be available." She said the structure presented would concentrate repayment over about five years (with the resolutions allowing a maximum seven‑year term) and gave an interest‑cost estimate of roughly $94,000 based on rates they had from the prior week.
Megan cautioned that maintaining the district's 2025 debt‑service tax rate in 2026 depends on assessed‑value numbers from the state agency referenced in the transcript as DLGF (the presenter said an increase in assessed value affects whether the levy must be raised). She said the plan is to present final amortization numbers to the state bond bank at its mid‑November meeting and that the district could adjust the structure before that submission.
No formal motion or vote on the bond appeared in the transcript; Chair Busco closed the special meeting at 06:57.
